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Old Jun 17th 2005, 7:28 am   #1
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Default $ @ 2.35

Is it a strong $ or a weak £
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Old Jun 17th 2005, 7:29 am   #2
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Default Re: $ @ 2.35

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Originally Posted by fraser
Is it a strong $ or a weak £
Bit of each I reckon. It's caused me to take my house off the market in the UK despite having buyers.
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Old Jun 17th 2005, 7:31 am   #3
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Default Re: $ @ 2.35

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Originally Posted by renth
Bit of each I reckon. It's caused me to take my house off the market in the UK despite having buyers.
Yeah I can see why you did, looks like mine will be staying in the account here until it rises
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Old Jun 17th 2005, 7:33 am   #4
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Default Re: $ @ 2.35

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Originally Posted by fraser
Yeah I can see why you did, looks like mine will be staying in the account here until it rises
I considered that, but do you realise you are liable for the capital gain?
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Old Jun 17th 2005, 7:34 am   #5
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Default Re: $ @ 2.35

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Originally Posted by renth
I considered that, but do you realise you are liable for the capital gain?
Not for a while as I'm still in the UK, am I not allowed to bring it over tax free before a set time.
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Old Jun 17th 2005, 7:38 am   #6
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Default Re: $ @ 2.35

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Originally Posted by fraser
Not for a while as I'm still in the UK, am I not allowed to bring it over tax free before a set time.
Ahh, don't know mate. But if you left it in the UK, moved to Aus and the exchange rate went in your favour you might have to. You might be OK if you brought it over within 6 months - don't know if it applies to cash as well as pensions etc...

Best thing is to have a good look at the ATO site, or even ring them up. They are very helpful.
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Old Jun 17th 2005, 7:40 am   #7
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Default Re: $ @ 2.35

Quote:
Originally Posted by renth
Ahh, don't know mate. But if you left it in the UK, moved to Aus and the exchange rate went in your favour you might have to. You might be OK if you brought it over within 6 months - don't know if it applies to cash as well as pensions etc...

Best thing is to have a good look at the ATO site, or even ring them up. They are very helpful.
Yeah I'll have to bring it over within 6 months whatever, it wont be ideal but I want to buy property.

I'll not be over for a couple of months anyway, and as we know trends can change overnight.

Here's hoping
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Old Jun 17th 2005, 7:50 am   #8
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Default Re: $ @ 2.35

Quote:
Originally Posted by renth
Ahh, don't know mate. But if you left it in the UK, moved to Aus and the exchange rate went in your favour you might have to. You might be OK if you brought it over within 6 months - don't know if it applies to cash as well as pensions etc...

Best thing is to have a good look at the ATO site, or even ring them up. They are very helpful.
this is such an important point, we have just negotiated a 12 month sabbatical, we are moving with a view to stay in Oz but want to keep our jobs as a safety cushion. Problem is the pension, I have tried to find out if we only have 6 months to move it but cannot seem to get a straight answer because all cases are different.
Very frustrating!
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Old Jun 17th 2005, 8:24 am   #9
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Default Re: $ @ 2.35

Quote:
Originally Posted by renth
Bit of each I reckon. It's caused me to take my house off the market in the UK despite having buyers.
are you liable for capital gains when you exchange the money from your house?
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Old Jun 17th 2005, 8:25 am   #10
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Default Re: $ @ 2.35

Quote:
Originally Posted by kelli28
are you liable for capital gains when you exchange the money from your house?
No your not I think you're allowed a one off payment.
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Old Jun 17th 2005, 8:36 am   #11
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Default Re: $ @ 2.35

Quote:
Originally Posted by fraser
No your not I think you're allowed a one off payment.
i meant with it being rented out for a while once the six months is up
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Old Jun 17th 2005, 8:38 am   #12
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Default Re: $ @ 2.35

Quote:
Originally Posted by kelli28
i meant with it being rented out for a while once the six months is up
So long as you don't buy another house in Australia you have 6 years in which to flog your house in the UK without incurring capital gains tax. You have to declare the rent as income.
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Old Jun 17th 2005, 8:38 am   #13
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Default Re: $ @ 2.35

Quote:
Originally Posted by kelli28
i meant with it being rented out for a while once the six months is up
Sorry I couldn't tell you
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Old Jun 17th 2005, 8:56 am   #14
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Default Re: $ @ 2.35

Quote:
Originally Posted by renth
You have to declare the rent as income.
even if there was no profit to be made on it just covering mortgage ect..
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Old Jun 17th 2005, 9:01 am   #15
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Default Re: $ @ 2.35

Quote:
Originally Posted by kelli28
are you liable for capital gains when you exchange the money from your house?
This has been discussed before:
Taxation on Money Transfers for New PR's

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